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CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net Income $ 373 $ 488
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 720 676
Deferred income taxes and investment tax credits 114 124
Other non‑cash operating activities and reconciling adjustments (104) (144)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 211 80
Inventories (34) 34
Accounts payable and accrued rate refunds (136) 24
Other current assets and liabilities (7) 117
Other non‑current assets and liabilities 190 15
Net cash provided by operating activities 1,327 1,414
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,006) (1,772)
Cost to retire property and other investing activities (87) (108)
Net cash used in investing activities (2,093) (1,880)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,167 2,449
Retirement of debt (883) (841)
Decrease in notes payable 0 (65)
Issuance of common stock 528 17
Payment of dividends on common and preferred stock (358) (331)
Other financing costs (18) (60)
Net cash provided by financing activities 496 1,213
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (270) 747
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 345 925
Non‑cash transactions    
Capital expenditures not paid 590 537
Deemed contribution from sale of membership interest 87 0
Class B Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs 0 44
Class A - Tax Equity Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs $ 60 $ 0